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Old 21-07-2018, 14:55   #1
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Free Boat; Any Downside?

So when presented an opportunity to get a free boat, assuming that all the paperwork is in order, and the circumstances are legitimate, is there any down side? In my mind I'm thinking, "Well, I don't have a boat, and I want a boat. This boat is going to cost less to become legally mine than most of my cars did (less than $300 for paperwork according to the concerned state's website) and I've seen boats in far worse apparent condition go for a lot more money." SO ASSUMING everything is legitimate, it looks like I could theoretically sell it very quickly for almost guaranteed more than I've put into it, EVEN if it never moves or i set foot aboard before i sell it.



Thoughts?
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Old 21-07-2018, 15:34   #2
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Re: Free Boat; Any Downside?

The giver may not be happy that you are selling it. Sometimes it takes a year to sell a boat,sometimes not.
Sometimes/most times boats have hidden defects.
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Old 21-07-2018, 16:04   #3
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Re: Free Boat; Any Downside?

What's it going to cost you while it sits there?
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Old 21-07-2018, 16:06   #4
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Re: Free Boat; Any Downside?

There are thousands of free boats all around the country. You should go on a road trip and get them all. You'll make a killing !
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Old 21-07-2018, 16:19   #5
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Re: Free Boat; Any Downside?

google "free salvage boats". Is it one of these kinds of deals? If so there are thousands to choose from. How will you transport it? How much will you have to put into it to just keep it from further deterioration (hull cleaning, etc). Where will you dock it and how much will that cost. registration costs? lien checks cost a little bit. I dont think there's a way to answer your question with information given.

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Originally Posted by edge0302 View Post
So when presented an opportunity to get a free boat, assuming that all the paperwork is in order, and the circumstances are legitimate, is there any down side? In my mind I'm thinking, "Well, I don't have a boat, and I want a boat. This boat is going to cost less to become legally mine than most of my cars did (less than $300 for paperwork according to the concerned state's website) and I've seen boats in far worse apparent condition go for a lot more money." SO ASSUMING everything is legitimate, it looks like I could theoretically sell it very quickly for almost guaranteed more than I've put into it, EVEN if it never moves or i set foot aboard before i sell it.



Thoughts?
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Old 21-07-2018, 16:19   #6
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Re: Free Boat; Any Downside?

It is a mistake to believe that a free boat may automatically have some value... Unless you are really savvy about how boats should be built, the costs to get free boats up to a reasonable value for their age and marque, usually far exceed what one could hope to gain from a sale. Storage costs are high in marinas, and moorings, and if it sinks in either location you would be liable for removal and cleanup costs. It would be high risk, with potentially huge downsides.
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Old 21-07-2018, 16:33   #7
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Re: Free Boat; Any Downside?

To put it bluntly, as said above,you could get a free boat that could sink you financially.
You could also win $$ in your speculation. So if course it is up to you.
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Old 21-07-2018, 16:46   #8
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Re: Free Boat; Any Downside?

If it turns out to be unsellable - to savvier prospects than yourself - you are liable for the potentially very expensive disposal costs.
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Old 21-07-2018, 17:57   #9
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Re: Free Boat; Any Downside?

Once it is yours, it becomes a liability.

The acronym is I think BOAT.

b.
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Old 21-07-2018, 18:07   #10
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Re: Free Boat; Any Downside?

Quote:
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Once it is yours, it becomes a liability.

The acronym is I think BOAT.

b.
Over 36' it's spelled BOATT.
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Old 21-07-2018, 18:13   #11
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Re: Free Boat; Any Downside?

Example, I may buy a Pearson 10M for $8,000.00. (a free boat)

Which will need maybe another $3,000 worth of stuff just to sail it comfortably. (autopilot, anchor, rode, depth finder unless I can fix the old one) It has only a couple things going for it. A new bottom job, crispy sails (practically new sails) which include spinnakers and an engine I'm sure I can maintain. An atomic 4 since I had engines like it in my cars back in the day. (and I've heard this one run)

Plus it has a 29' waterline, but needs a holding tank

And hopefully I don't miss something because I won't be getting a survey

On the other hand I paid $2,000 for my present boat and have put $7,000 into it over 7 years but I was lucky and knew a bit about boats after owning 8 others from age 16, but it's going to be hard to sell so I'll be stuck with two boats to store or provide a slip for
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Old 21-07-2018, 20:57   #12
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Re: Free Boat; Any Downside?

Quote:
Originally Posted by edge0302 View Post
So when presented an opportunity to get a free boat, assuming that all the paperwork is in order, and the circumstances are legitimate, is there any down side? In my mind I'm thinking, "Well, I don't have a boat, and I want a boat. This boat is going to cost less to become legally mine than most of my cars did (less than $300 for paperwork according to the concerned state's website) and I've seen boats in far worse apparent condition go for a lot more money." SO ASSUMING everything is legitimate, it looks like I could theoretically sell it very quickly for almost guaranteed more than I've put into it, EVEN if it never moves or i set foot aboard before i sell it.



Thoughts?
There is nothing more expensive than a free boat!
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Old 22-07-2018, 00:52   #13
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Re: Free Boat; Any Downside?

What everyone else said ... many things in life, at free, are still too expensive. Boats are one of those things.

I have poor memories of my "free" alfa romeo!
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Old 22-07-2018, 01:10   #14
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Re: Free Boat; Any Downside?

...and, this might have been a post to provoke reaction......

A.
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Old 22-07-2018, 01:26   #15
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Re: Free Boat; Any Downside?

Depending on the boat design, condition, transportation or historical value.
I've encountered a Fife worth saving, and while not free it is still possible to get Herreshoff Marco Polo for a nominal sum if you have the means to restore it.
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